Fort Worth, Texas — RadioShack’s board has approved retention bonuses for its executive officers.
The stay incentives range from $187,500 for store concepts senior VP Michael DeFazio to $500,000 for CEO Joe Magnacca, should they remain with the company for another year.
The board said it authorized the bonuses “after giving due consideration of the skills and talent deemed critical to the company’s business turnaround efforts currently underway, the difficult business environment and the competition for skilled, talented employees.”
Other officers include executive VPs John Feray (chief financial officer), Troy Risch (store operations), and Telvin Jeffries (human resources), who each stand to collect $275,000 on March 1, 2015.
The board also approved a bonus of up to $600,000 for Magnacca should the company hit certain turnaround targets this year, and granted raises to three recently hired senior VPs overseeing sourcing, merchandising, and inventory allocation and e-commerce.
The company yesterday reported deepening fourth-quarter and full-year losses but said its newly implemented turnaround strategy is beginning to gain traction.